Seeing how Bitcoin has skyrocketed 17% recently, US senators had a last-minute compromise on a bill that also addresses crypto-taxing issues.
Namely, as you may have heard, Bitcoin had a three-month high last Monday; albeit still not breaking its 2,000% price record. Nevertheless, the digital asset managed to gain an impressive 5.4% and reach a respectable $46,245 during NYC trading hours.
Peer coins also benefited from this rise — most of them grew by at least 5% with 8.1% being the largest digital asset rise recorded.
Hence why some experts predict that Bitcoin may also hit the $50,000 threshold in the near future.
All the while, bipartisan senator groups have finally reached a compromise over the $550 billion infrastructure bill that also addresses crypto reporting requirements. This is huge as nearly 95% of all federal revenue in the US is collected in taxes.
Kristin Smith from the Blockchain Association stated that Washington is slowly realizing the potential (and power) of crypto. Consequently, this newfound awareness helped unify the crypto community across the country. Additionally, the bill might also bring some much-needed stability to the sector, provided the regulations are sensible.
And while senators are figuring out a way to tax digital assets, traders are predicting the future of Bitcoin. For instance, many see $50,000 as the next major threshold, whereas others see that as highly unlikely. Conversely, some speculations even talk about a $100,000 threshold!